1 growth in the first half is the fixed capital investment

Still, everything is in a Chinese maxim. "China has drunk poison to appease thirst", launched yesterday, at the end of a virulent debate held at the World Economic Forum in Dalian, Xu Xiaonian, one of the rare Chinese economists who, since a few weeks, dares to publicly criticize the recovery strategy implementation oe work by Beijing since the end of 2008. Professor of Economics at the China Europe International Business School joined in the summer of the many expert foreign worried overflows of stimulus of communist power, to generate an 8 annual growth and maintain social peace, conducted a programme of public expenditure of 4,000 billion yuan (402 billion euros) over 24 months and ordered state banks to lend without any restriction. "One cannot speak of genuine rebound." "The Government has only burned money like crazy," is carries the researcher.

Analysts point to "the worrisome" imbalance of Chinese growth. "Consumption is more than 35 of the gross domestic product when investments represent 45." "Ever, such a gap has been seen in a large country", summarizes Stephen Roach, the President of Morgan Stanley Asia. "88 of the 7.1 growth in the first half is the fixed capital investment." It is untenable. "The major road, railway or airport, building funded by public subsidies and communities were allowed to use part of the workers having lost, earlier employment in export-oriented enterprises, recognize economists. But they have mainly fed dangerous overcapacity in certain industries and may be totally unproductive. "We have calculated that the construction of one kilometre of motorway cost 100 million Yuan but reports that 10,000 yuan per year." Who will pay the difference and repay Bank loans which enabled its construction "wondered Xu Xiaonian, who regret the timidity of incentives for consumption," which country has the greatest need ", according to Stephen Roach said that household savings rate setting aside to offset the near-total absence in the country for medical coverage or retirement plan, jumped 27 percent in 2000 to 37 in 2008.

Test a pension system

Visibly annoyed by these criticisms, the Chinese Premier, Wen Jiabao, reached later in the day in Dalian, took in "the simplistic view" observers who have not understood the philosophy of his stimulus package. "He wants to meet both short-term and long-term issues," said the manager who will not change its monetary and economic policy in the coming months. As long as "the resumption of China's economy is still not stable, solid and balanced."

Doubtful economists, the Prime Minister assured that its priority was improving the standard of living of the population and encouraging domestic consumption. He recalled that the State had already increased the salaries of teachers, the purchase orders in the campaign for households wishing to equip in appliance, initiated a system of minimum medical coverage offered and now planned to test a system of retirement in the countryside. Wednesday the Government announced that 10 of the 153 million of older rural people more of 60 years may soon hope to receive up to 55 Yuan per month, EUR 5.53.